Over $10 trillion of global sales are generated by the wholesale distribution industry each year. Wholesale distributors seek any competitive advantage they can obtain in a market where so many vendors are vying for a piece of the action.
Furthermore, wholesale distributors are being forced to rethink how they do business due to changing global circumstances and pressures. Wholesalers are adopting these three business practices to remain competitive.
1. Omnichannel Experience
In the wake of the pandemic, many wholesale distribution companies rethought their approach to e-commerce. Many businesses have found creative ways to add an e-commerce portal to their businesses after once believing that e-commerce wasn’t possible.
As a result, many experienced channel disconnects that had to be resolved. A consistent omnichannel experience is essential for ensuring both in-person and online customers receive the same level of service. To remain competitive, wholesalers need an omnichannel approach.
2. Integrated Workflows
Wholesale distribution networks are becoming increasingly globalized. Many companies have warehouses and supply depots across vast areas to serve their growing markets. They must migrate from independent systems to integrated workflows to manage their businesses effectively.
To ensure timely and accurate information, integrated workflows require data exchange among computers, systems, and platforms. With cloud ERP, the same information is accessible from any location, regardless of where a business has its locations. This data can be harnessed and utilized for better insights into the company’s activities.
Wholesale distributors can make more informed decisions with better data visibility, and customers can be informed of any delays in shipping, supply chain issues, or order updates. As a result, a company can communicate more effectively and improve its competitive advantage.
3. Local Focus, Global Awareness
In recent years, wholesale distribution companies have pursued aggressive global strategies. Even though this may be an effective strategy for some, others have found that a local focus backed by global awareness has helped them gain an advantage over their competitors.
As a local business partner, you must build a reputation that companies can trust, which means developing shipping networks, transportation hubs, and a local customer base. By maintaining global awareness, businesses can accept business from anywhere in the world, even if they are locally oriented. By doing so, they can expand as needed and concentrate on what’s important and where they can maximize their potential.
The Advantage of Cloud Software
Cloud software enables wholesale distribution companies to achieve these benefits and more, regardless of how they approach their markets. Distributors who embrace technology remain competitive regardless of whether they are focused locally or globally.
Contact us today if you’re ready for the cloud advantage to stay competitive in your industry. We can provide the personal attention you need to accomplish your goals.